Michael O'Leary (businessman)

Michael Kevin O'Leary (born 20 March 1961) is the Chief Executive Officer of Ryanair. He is one of Ireland's wealthiest businessmen.[3]

Michael O'Leary
O’Leary in 2015 at the World Economic Forum
Born
Michael Kevin O'Leary[1]

(1961-03-20) 20 March 1961
Ireland
NationalityIrish
EducationClongowes Wood College
Alma materTrinity College, Dublin
OccupationBusinessman
Known forChief Executive Officer of Ryanair
Net worthUS$1.03 billion (April 2018)[2]
Spouse(s)
Anita Farrell
(
m. 2003)
Children4
Parent(s)Teddy and Ger O'Leary

Early life

O'Leary grew up near Mullingar, County Westmeath. His father was the part owner of a textile factory.[4] He was educated at Clongowes Wood College, County Kildare[5] before studying business and economics at Trinity College, Dublin.[4] After graduating in 1983, he worked as a trainee with Stokes Kennedy Crowley (later known as KPMG), studying the Irish tax system. He left after two years in 1985, setting up profitable newsagents in Walkinstown and Terenure, Dublin.

While at Stokes Kennedy Crowley, O'Leary had met Tony Ryan, head of Guinness Peat Aviation, a leasing company (GPA). Ryan was one of KPMG's clients and O'Leary advised Ryan on his personal income tax affairs. In 1987, Ryan hired O'Leary as his personal financial and tax advisor, where Ryan's main interest was in GPA.

Ryanair career

Under O'Leary's management, Ryanair further developed the low-cost model originated by Southwest Airlines.[6] O'Leary described the ancillary revenue model in a 2001 interview, saying "The other airlines are asking how they can put up fares. We are asking how we could get rid of them."[7] The business model envisioned by O'Leary uses receipts from on board shopping, internet gaming, car hire and hotel bookings to supplement the ticket revenue from selling airline seats. Savings are also made by negotiating discounts with airports for reduced landing fees. In many cases, regional airports have made no charges so as to secure flights that bring passengers and wealth into their area. The deregulation of Ireland's major airports and a transformation of traditional full-service airlines are among his demands.[8][9]

Controversy and reputation

O'Leary has a reputation for loose talk in the airline industry and among its regulators. Many press articles have described him as arrogant, and prone to making comments which he later contradicts.[10][11][12][13][14][15] He has been extravagantly outspoken in his public statements, sometimes resorting to personal attacks and foul language.[16][17][18][19][20][21][22][23] His abrasive management style, ruthless pursuit of cost-cutting and his explicitly hostile attitude towards corporate competitors, airport authorities, governments, unions and customers has become a hallmark.[24] He was reported to have been aggressive and hostile in dealings with a woman who was awarded free flights for life in 1988.[25][26]

In 2007, he was forced to retract a claim that Ryanair had cut emissions of carbon dioxide by half over the previous five years; the claim should have been that emissions 'per passenger' had been cut by half.[27] O'Leary has been reported to have impersonated a journalist in an attempt to find information passed on to a newspaper following a safety incident on a Ryanair flight.[28] On occasion he has apologised for personal attacks under threat of legal action.[29] He has been criticized by a judge for lying, who said he was lucky not to be found guilty of contempt of court.[30] In April 2017, he called concerns about climate change "complete nonsense".[31]

In 2002 he said that his company is against any long-haul transatlantic services, stating that:

The low-cost model only really works for short-haul flights [...] If we started flying farther afield, we'd have to do something stupid like introducing what I call a 'rich class' to make it pay.[32]

However, more than a decade later, in 2013 he said, while at the Paris Air Show, that he wanted to sell cheap flights from the U.S. to Europe for as low as 10 euros ($13) or $10, if conditions were right. He said that he needed a fleet of at least 30 twin-aisle aircraft and access to ports (e.g. major U.S. and European cities, in the airline industry there are so called slots or sometimes gates, often regulated by law, and without obtaining them it is impossible to have regular service to airports). Despite his claims in 2002, there were so called budget airliners in the past – for example Laker Airways flights from London to New York in the late 1970s or long-hauls at budget-fares on other continents like AirAsiaX in Malaysia and the Australian Jetstar Group.[33]

Reacting to the decision to close European airspace in April 2010 over worries about the ash plume from an erupting Icelandic volcano, Eyjafjallajökull, he said "there was no ash cloud. It was mythical. It's become evident the airspace closure was completely unnecessary." One study concluded that serious structural damage to aircraft could have occurred if passenger planes had continued to fly.[34]

In May 2014 O'Leary was highly critical of a 24-hour strike by Aer Lingus cabin crew, staged on 30 May 2014. Aer Lingus, whose biggest shareholder at the time was O'Leary's company Ryanair, had to cancel 200 flights and disrupt travel plans for 200,000 people. O'Leary accused Aer Lingus of "mismanagement" of its employee relations, called for the sacking of a board member, and said the striking employees should be punished by having their discount travel incentives withdrawn for a year.[35]

According to the Bilderberg Group,[36] O'Leary was to attend the Bilderberg Group in 2015.[37][38] O'Leary was also seen attending the 2017 Bilderberg meeting in Washington D.C.

In February 2020 O'Leary suggested that airport security should focus on single Muslim men, and called obese passengers "monsters".[39]

Registration of private car as taxi
Michael O'Leary's personal Mercedes-Benz S500, operated by O'Leary Cabs and complete with "for hire" roof bar

In 2004 he purchased a taxi plate for his Mercedes-Benz S-Class, to enable it to be classified as a taxi so that he could legally make use of Dublin's bus lanes to speed up his car journeys around the city.[17] A press report suggested that since he had stopped driving his own taxi, he has employed a driver with full PSV licence. In 2005 the Irish transport minister expressed concern at this abuse by O'Leary and others.[40][41]

Personal life

O'Leary lives in Gigginstown House near Delvin in County Westmeath. He married Anita Farrell in September 2003, and they have four children.[42]

He breeds Aberdeen Angus cattle and horses at his Gigginstown House Stud[43] in County Westmeath. In 2006, his horses War of Attrition and in 2016 Don Cossack have won the Cheltenham Gold Cup[44] and the 2016 Grand National with Rule The World. He also won in both the 2018 Grand National and 2019 Grand National with Tiger Roll.

O'Leary has also been a Manchester City supporter since an early age. In 2003, he was offered the opportunity to buy a stake in the club but believed the potential benefits did not outweigh the risk and preferred to visit England to watch a few matches each season.[45] He wore a Manchester City shirt when unveiling Ryanair's new destinations to and from Manchester Airport in 2011.[46]

In February 2015 he revealed in an interview in The Sun that he was offered the starring role in The Apprentice reality game show, but turned it down for family reasons before it was eventually offered to and accepted by Lord Sugar.[47]

gollark: Yes, but it'll improve over time™.
gollark: You can already get 1TB in an expensive but individual-affordable high end system, so less time for that.
gollark: Well, Moore's law is dead, but advancing technology should mean you could run it on a regular home computer in... 50 years?
gollark: ... what?
gollark: ++remind 20/08/2020 gibson booked this or something, deploy apiobees

References
  1. "People: Ryanair Holdings PLC (RYAAY.O) – O'Leary, Michael". Reuters.com.
  2. "Michael O'Leary". Forbes. Retrieved 17 January 2020.
  3. "Rich list". The Times. London. Retrieved 12 May 2010.
  4. Emling, Shelley (23 March 2007). "Spotlight: Michael O'Leary of Ryanair". The New York Times. ISSN 0362-4331. Retrieved 31 December 2019.
  5. Healy, Alison. "School seeks support of famous past pupils". The Irish Times. Retrieved 31 December 2019.
  6. Matthew Maier, Business 2.0 Magazine staff writer (31 March 2006). "A radical Fix for Airlines: Make Flying Free, Forbes, 1 April 2006". Money.cnn.com. Retrieved 29 September 2011.
  7. "Flying for Free on Ryanair", 13 May 2001, BBC News
  8. RTÉ radio 10 February 2007, in "Conversations with Eamon Dunphy"
  9. Irish Post: Ryanair chief hints of possible departure Archived 28 September 2007 at the Wayback Machine
  10. ZEIT ONLINE GmbH, Hamburg, Germany. "Die Festung wankt: Europas mächtige Wettbewerbshüter verurteilen Microsoft und stoppen Fusionen. Geschwächt von Pannen, geraten sie jetzt in den Machtkampf um die Besetzung der EU-Kommission. Eine Innenansicht Von Arne Storn | ZEIT online". Zeit.de. Retrieved 29 September 2011.CS1 maint: multiple names: authors list (link)
  11. "Breaking politics and political news for Westminster and the UK - PoliticsHome.com". epolitix.com.
  12. Auteur: Helena WILMET. "Het Nieuwsblad – Ryanair-topman Michael O'Leary schudde luchtvaartwereld wakker". Nieuwsblad.be. Retrieved 29 September 2011.
  13. British GQ 10 Things To Know Today Archived 27 September 2007 at the Wayback Machine
  14. "Ryanair's anti-Ahern campaign gets the thumbs-down from PR industry: ThePost.ie". Archives.tcm.ie. 6 July 2003. Archived from the original on 8 October 2010. Retrieved 29 September 2011.
  15. "NTR | Home" (PDF). Rvu.nl. Retrieved 29 September 2011.
  16. Family fun (8 April 2008). "Iron Mike fires last round at war-weary Taoiseach – National News, Frontpage". Independent.ie. Retrieved 29 September 2011.
  17. Clark, Andrew (24 June 2005). "The Guardian profile: Michael O'Leary". The Guardian. London. Retrieved 12 May 2010.
  18. Kundnani, Hans (6 October 2006). "Michael O'Leary: Stunt pilot whose enemies would love to see him crash". The Guardian. London. Retrieved 12 May 2010.
  19. Asthana, Anushka (20 June 2006). "When I stuff BA Ill quit". The Times. London. Retrieved 12 May 2010.
  20. "Boeing Frontiers Online". Boeing.com. Retrieved 29 September 2011.
  21. "Snarling all the way to the bank". The Economist. 23 August 2007.
  22. How to wear (29 November 2007). "Taking the flight fight to Ryanair – Irish, Business". Independent.ie. Retrieved 29 September 2011.
  23. Walsh, Fiona (4 February 2008). "Ryanair warns high oil prices could slash its profits by 50% next year". The Guardian. London. Retrieved 12 May 2010.
  24. "War in Irish skies". Belfasttelegraph.co.uk. 4 August 2008. Retrieved 29 September 2011.
  25. "Woman claims Ryanair reneged on free travel prize", 28 February 2002, at RTE Business; last accessed 18 December 2006.
  26. Sage, Mark (20 June 2002). "Ryanair ordered to pay damages for reneging on 'free flights' offer to millionth customer". The Independent. London. Retrieved 12 May 2010.
  27. "Ryanair retracts emissions claim", 29 January 2007, at news.bbc.co.uk; last accessed 19 March 2010.
  28. Duggan, Barry (18 November 2010). "Ryanair staff were menacing: passenger – National News, Frontpage – Independent.ie". Unison.ie. Archived from the original on 8 January 2016. Retrieved 29 September 2011.
  29. "Sat, May 08, 2010 – O'Leary in court apology to union official". The Irish Times. 5 May 2010. Retrieved 29 September 2011.
  30. "Judge criticises Michael O'Leary for lying – RTÉ News". RTÉ.ie. 26 March 2010. Retrieved 29 September 2011.
  31. See: Topman Ryanair: Zorg over klimaatverandering is 'complete onzin', Financieel Dagblad (a Dutch financial newspaper), 10 April 2017. Accessed on 10 April 2017.
  32. Bridge, Adrian (2 April 2002). "Eindhoven: haven't you always wanted to go?". The Daily Telegraph. London. Retrieved 12 May 2010.
  33. Nat Rudarakanchana (20 June 2013). "Ryanair Wants To Launch Flights Between US And Europe, Aims For Jump in Growth Rate And Will Return $1.3 Billion To Shareholders: CEO Michael O'Leary". International Business Times.
  34. Connor, Steve (26 April 2011). "Steve Connor: Airspace closure due to ash cloud fears 'was right move' – Analysis, Opinion". Independent.ie. Retrieved 29 September 2011.
  35. "Striking Aer Lingus cabin crew should be punished says airline shareholder". Irish Sun.com. Archived from the original on 31 May 2014. Retrieved 31 May 2014.
  36. "Participants - Bilderberg Meetings". bilderbergmeetings.org.
  37. "Secretive in Telfs-Buchen, Austria 11-14 in June this year". bilderbergmeetings.org/.
  38. Beesley, Arthur (27 February 2015). "Ryanair chief asked to join select conference reputed to truly govern international affairs". The Irish Times. Retrieved 27 February 2015.
  39. Ellery, Ben (22 February 2020). "Ryanair boss Michael O'Leary wants extra checks on Muslim men". The Times. Retrieved 22 February 2020.
  40. Henderson, Deric (18 November 2010). "News Ireland | Irish News Paper | Free News Stories Online from The Irish Independent Newspaper – Independent.ie". Unison.ie. Archived from the original on 1 May 2015. Retrieved 29 September 2011.
  41. "Ireland Taxi Ireland Hackney cab Irish Taxi chauffeur transport". Taxi.ie. Retrieved 29 September 2011.
  42. "Michael O'Leary: 'I don't understand the point of holidays'". Irish Independent. 16 January 2010. Retrieved 12 May 2013.
  43. "Cheltenham Gold Cup, 16 March 2006". Archived from the original on 28 February 2009. Retrieved 18 January 2007.
  44. Simon Calder (18 August 2006). "Profile: Michael O'Leary". BBC News. Retrieved 4 June 2009.
  45. "Ryanair snubs €25m Man Utd shirt deal offer". independent.ie. 16 October 2011. Retrieved 29 September 2017.
  46. "Ryanair chief Michael O'Leary announces 26 routes from Manchester Airport which could create up to 2,000 jobs". Manchester Evening News. 12 July 2011. Retrieved 12 July 2011.
  47. "Big softie! Michael O'Leary turned down starring role in Apprentice for his kids and horses". evoke.ie. 24 February 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.